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The protest vote in Uttar Pradesh is just that a protest vote intended to get a message that the work of the Modi government to modernize and industrialize the economy needs to be accelerated to see its effects felt in rural agricultural areas of Indian states. Modi said yesterday- "If you work for ten hours I will work for 18 hours" showing that he sees the need for acceleration, even harder work ahead to modernize and industrialize India.  Disconnect with lower caste untouchable voters called Dalits and economic distress felt from the effects of the pandemic, decades of neglect that take time to correct in one of India's largest and least industrialized states Uttar Pradesh, led to prime minister Modi failing to get most of the 80 of 543 seats as it had done in three previous elections. Lower caste Dalits form 20% of the population, other lower castes another 40% of the population and 20% are Muslim voters. With this mix of voters and the time it takes to modernize and industrialize its economy in a state that was neglected for over 60 years the Modi government's best intentions have not delivered election results in the state in 2024 after the pandemic. Delivery on schemes for sanitation, clean running water, affordable housing, cooking gas for poor households, that have brought 250 million out of poverty nationally and about 40 million in Uttar Pradesh alone, was overlooked by voters, and younger voters. This does not change the path of modernization that countries such as China have taken and which require a strong administration with full public support working with industry and all parts of society to build infrastructure and manufacturing rapidly over 15-20 years. In China this happened from 1990 to 2010. In India this will take 2014- 2030 to achieve. In Bihar, UP, Orissa, Maharashtra, Andhra Pradesh, in all these states with large areas of backwardness in development the only path to realize the aspirations of the people is the path offered for modernization by prime minister Modi. The protest vote of 2024 is then a way of saying to prime minister Modi that the level of development needs only to be accelerated to see its benefits for hundreds of million of people in rural agricultural areas. ...

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China is building a port hub at Chancay that will have an initial 1.5 million TEU or twenty foot long containers capacity. It will be opened by president Xi in November. This megaport will cut the time it takes from South American coastline to Shanghai from 35 days to 25 days. Before this port China trade was conducted through Long Beach or Manzanillo in Mexico. China is now Brazil's largest trading partner and this port offers the possibility of connecting further from Brazil to Peru by land. This does pose new challenges such as crossing the Andes mountains and Brazilian jungle. The port will cost COSCO China's large shipping company $3.5 billion. China has invested in 100 foreign seaports with $30 billion over 2 decades. The port of Piraeus is operated by Chinese companies, and China has invested in a stake in the port of Hamburg, Germany which is the main gateway for Chinese exports into the EU. The US neglected Latin America and India during the three decades in which Reagan and Bush Sr, Bush Jr, engaged in wars in Iraq and Afghanistan wasting trillions of dollars, neglecting infrastructure investment in the US, and in Latin America and India. Over two decades the US has invested by comparison trillions of dollars in wars in Iraq starting with Reagan and Weinberger, Bush Sr. in the 1980's, and Bush junior in Afghanistan. Much of the oil dividend of the Middle East wasted by regimes in the region in wars. Not only the US infrastructure was starved of resources, Latin America, India and Indonesia did not receive the investment these countries needed for rapid development. Yet today Reagan and Bush are lauded for their contribution by Baker in WSJ today and by columnists in the NYT. The fall of the Berlin Wall was itself just an episode in the US relations with Russia as Russia and China are competing with the US. Germany itself of the Berlin Wall remains divided (with AfD popular in the East around Dresden), and Germany divided on pursuing policies that lead to worsening relations with Russia. Germany also maintains a strong trading relationship with China including a stake in Hamburg port given to China during the pandemic at a time when the supply chain over concentration in China was being questioned in US, EU, India. ...

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Closest to president Biden in 2024 is Ted Kaufman who sat next to Biden on these trips from the US Senate to his home in Delaware over three decades in Amtrak trains. Ted Kaufman 82, was Biden's Senate chief of staff from the early days when the youngest senator at 32 years started his 5 term Senate run in 1970. He is described by Biden's sister as Biden's alter ego. Kaufman was with the president during the 2020 run for president. In 2009 as Biden assumed the role of vice president Kaufman was made junior senator for Delaware in Biden's place. The other two who are in their late sixties are Ron Klain who was Biden's chief of staff at the White House till 2023. And Mike Donilon 69 years, who is the closest to the president today in his day to day work. He decamped from the White House in January 2024 to get a view from the outside so essential as the mood of the country changes and failures are not so clear from the inside, and  which must be addressed.  The younger group includes Jake Sullivan who the president has used with Tony Blinken to get his domestic policy reflected in foreign policy and economic policy. Of the older advisers Donilon must have addressed with Biden in turn migration and the border, the cost of living and the pandemic recovery residual effects that have affected the middle and lower class, the effects of world affairs in domestic politics. Dnilon says many presidents fail to answer the question "why are you running" with a direct answer. For Biden it is about the preservation of democracy and freedom. Donilon is a University of Virgina law graduate who worked in the Carter, Clinton and Obama White House. He even helped Carter phase into civilian life after his presidency. As chief of staff to Warren Christopher Clinton's Secretary of State. He was Obama's NSA adviser till 2013. He has a treasure trove of experience. Tony Blinken worked under him at the State Department showing the close connections Biden has with his extended group of advisers. This includes Anita Dunn communications, Steve Ricchetti Capitol Hill, Bruce Reed policy advice.   ...

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Wilkins was British inventor, scientist and educator with profound unbelievable impact. Some thoughts on what it means for America to reject Science in 2024 for Climate Change in the face of sudden floods, wildfires- for Western civilization was based on Science since 1648, Eastern civilizations missing it completely. When George Washington was fighting in the Pennsylvania country against American Indians and the French, on the other side of the Atlantic a Britisher from Somerset was part of the British East India Company that had won control of Bengal in northeastern India. In 1760 Wilkins arrived in Calcutta a youth of 21 as clerk for the British East India Company, rising to examiner for new employees at the company. It is Wilkins as a printer who creates the first typography for both Persian and Bengali, and who translates for the first time the Bhagavad Gita into English from Sanskrit in 1785.  This is of interest mainly because the American colonists were fighting an Empire whose chief base of the Empire was in Bengal and which generated the funding of the British war against the American colonists led by Washington, Adams and Jefferson. This was before Bengal also funded the British fight against Napoleon in Spain and Portugal. And by the 1850's funded Britain's wars in Chinese ports including Hong Kong. Wilkins is key to this puzzle about India and China- why they succumbed to European colonialism? Gandhi says the Indians invited them in as they were mainly shopkeepers and commercial interests. It is also true that after the end of the 30 years war in 1648, the British, French and Dutch followed Science creating the scientific revolution and the industrial revolution, that India and China missed.  Imagine then what it means to reject Science in the West in 2024 on Climate Change? Gandhi wrote Hind Swaraj in November 1909 on the boat Kildonan Castle from London to South Africa. In it he says Indians have to look in the mirror and accept that it is they the princes of India who invited the British sepoys of the British East India Company into Indian states for their wars and losing Bengal, then the rest of India. ...

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1. ACCELERATION OF DECLINING PRODUCTION FROM GULF OF MEXICO AS DRILLING RIGS LEAVE THE GULF. Offshore oil production mostly in the Gulf fell by 19% between 2003 and 2005. Natural gas production fell by about 22% from 2001 to 2004, according to EIA. The drilling rigs jack-up rigs and deep-water rigs that drill for oil and gas are declining rapidly in the Gulf of Mexico. There were 148 rigs in 2001, now only 90 remain with more leaving soon. Many of the rigs that are leaving are jack-up rigs, used for drilling for natural gas in shallower waters, and this should lead to a pronounced effect on natural gas production. Gulf Gas reservoirs that use these jack-up rigs are quickly exhausted requiring new wells to be drilled to just maintain production. Fewer rigs available mean upward pressure on natural gas prices more so than oil because gas is a market supplied locally. EIA estimates natural gas will move from recent close (July 5, 2006) of $6.10 per million BTU's to a price of $10.00 by end of 2007. This compares with a price in 2001 of $2.43. Hurrican related disruptions pushed oil prices up by $10 a barrel for hurricanes Katrina and Rita, in each of two years, so there will be continued upward pressure on oil price from this acceleration in production declines in the Gulf. 2. SEA CHANGE IN THE OFFSHORE DRILLING RIG MARKET, IN DAY RATES, IN PREFERRED DRILLING LOCATIONS, AND IN RIG PRODUCTION. The hurricanes Katrina and Rita destroyed 5 rigs. What is a bigger effect is that drilling companies are signing longterm deals with companies overseas. Global Santa Fe Corp. for instance signed a deal last month to send 4 jack-up rigs to Saudi Aramco at $160,000 per day, for 4 years. Ensco International will send one to Tunisia at rates approaching $200,000 for 2 years. There are hotter prospects for petroleum offshore in the Middle east, and in Africa, whereas the easier drilling spots in the Gulf have already been tapped. Worldwide 91 major offshore rigs are under construction compared to 10 in 2003 according to ODS-Petrodata. The new rigs may take till 2009 and may have delays so as to come out after 2009. They cost $160-190 million for one jack-up rig and about $600 million for one deep-water rig. All this has pushed day rates throug the roof. BP PLC agreed to pay Transocean Inc $520,000 a day for three years for a massive drill ship. The same ship cost BP PLC $185,000 a day in 2004. The drilling ship is as large as 3 football fields and can drill in oceans upto 10,000 feet deep. ...

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Takes the risks of the bubble collapsing quite lightly in his reference to the Great Depression after the 1920's stock bubble in the USA. It took several decades for the economy to come back in the US after the 1920's China can ill afford such an experience as hundereds of millions of Chinese are not benefitting in the rural areas as are the coastal areas so for them it would be a great setback, and the economy would take years to recover which can be quite painful.

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This story by Asa Fitch of the WSJ shows how NVIDIA co-founder Jensen Huang, built NVIDIA into a major semiconductor company. He did this by developing faster chips for graphics and other uses using parallel processing instead of sequential processing. It is now a rival to Intel as it plans an acquisition of ARM Holdings in Britain. Huang started NVIDIA in 1993 when computer users wanted faster computer graphics.  NVIDIA has about $10 billion in sales compared to larger rival Ital with $72 billion in sales. With its efforts in AI and other tech fields NVIDIA now surpasses Intel in valuation. Softbank bought ARM Holdings in 2016 for $32 billion. It is now looking to sell ARM to NVIDIA or another buyer. Problems it faces in the acquisition is British laws that may decide to prevent approval for sale of the company and the loss of jobs. ARM based in Cambridge has 6700 employees. ARM makes the chips for smartphones. The trade war between the U.S. and China and the sale of ARM chips to Huawei are also factors that will be considered in British approval or disapproval of this sale of a British company owned by Softbank of Japan.  ...

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Even China has not campaigned the way Canada, Mexico and British, American media have against DJT Tariffs because China knows it is basically about getting an even playing field when it is the only country with $1 trillion in trade in its favor in 2024, 12 times the Japanese high of $82 billion trade surplus in 2007. But why should China campaign when the American and British, German media are going to do the job for China? A simple quiz to K-12 would ask school children when is the last time a country has a $1 trillion trade surplus? Answer: Never. Greg Ip has written a few years back that the devastation of China outshoring of American factories and jobs was unlike the 1980's Japan trade invasion because of first China's size, second by the speed with which it happened at 10-14% Chinese GDP growth. There is a third Japan was an ally needing US for security and backed down, China's case is different it is challenging the US for control of the world economy and will fight this one over the long haul. Greg Ip of WSJ on the 53 countries asking to negotiate US Liberation Day April 2, 2025 Tariffs. These countries include Allies of the US in full support asking to negotiate Israel, Japan, Taiwan, South Korea, India Allies of the US in partial support asking to negotiate Britain Allies of the US not in full support asking to negotiate Germany, France Allies of the US in the past campaigning against the US, asking to negotiate Canada, Mexico Not Allies of the US, not in full support, not campaigning against the US China A look at his list tells one only one thing, mostly all trading partners except for the $146 billion exports of the US which represents exports to China are the exports that are at risk if things don't work out on tariffs. This is what the media today WSJ added this last week to the NYT, Wash. Post and the BBC, Guardian of UK, German media will not tell the reader.  The DJT Tariffs and Tariff negotiations are Lighthizer Tariff negotiations which won the fight with Japan in the 1980's over unfair trade and gaining a level playing field. Lighthizer as Deputy US Trade Representative conducted the tough negotiations with Japan. He was USTR in 2016-2020 and his Deputy Jamieson is now USTR in 2025       ...

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Seib points out why the current political landscape with the popularity of Trump and Sanders reflects demographic, economc and social changes in America compared to when Geroge H.W. Bush won the election in 1988 and Bill Clinton won in 1992. The Republican party is more populist, with older Americans, more Southern and conservative, making it harder for Jeb Bush or Wall Street backed candidates. The Democratic Party more liberal, more popular on both the east and west coast of the U.S., with younger Americans, diverse demographic groups, making it harder for Hillary Clinton as an establishment candidate. A Journal/NBC poll of Oct. 2015 shows 28% of Republicans describing their views as very conservative, and 26% of Democrats saying they are very liberal. Yet there is another aspect that will show up once the primaries are over. And this is the steady group of somewhat conservative and moderate combined in the Republican Party of 64%, and the steady group of somewhat liberal and moderate in the Democratic Party of 62% in the 2015 Journal/NBC poll. The moderates are up from 26% in the above 1990 poll to 31% in the 2015 poll for the Republican Party, and from 26% to 33% in the Democratic Party. So that one sees about a quarter of people polled in each party pushing for fringe views and a countervailing trend for moderate or close to moderate views with about two thirds support in the 2015 Journal/NBC poll for each party....

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The MIT Economics Department helped shape the thinking of influential central bank governors, Mervyn King of the Bank of England, Ben Bernanke of the U.S. Federal Reserve, and Mario Draghi of the European Central Bank. Bernanke (1979) and Draghi (1977) received their Ph.D.s in economics from MIT in the late 1970's, with Prof. Stanley Fischer (1973-94) as their advisor. Charles Bean, deputy governor of the Bank of England followed them a few years later. Mervyn King was a visiting professor at MIT (1983-84). King and Bernanke shared an office as professors at MIT. The MIT school came up with a pragmatic and activist approach which argued there was a role for government when markets and the economy stumbled. This followed a period when economists from the universities at Chicago, Minnesota and Rochester were influential, making the case for efficient markets and businesses holding rational future expectations which were ahead of government planners; saying government should play a minimal role. The MIT trained central bankers have made shaping public and market expectations an important part of policy actions. Draghi's July 23, 2012 remark- "Believe me this will be enough," was an effort to shape expectations after the European Central Bank's July 2012 bond buying actions in the eurozone. Germany has a competing version based in Bonn. Germany's former Bundesbank president, Axel Weber, was the tutor at Bonn University for current Bundesbank president, Jens Weidmann. Both Weber and Weidmann supported austerity measures, inflation fighting efforts of former ECB head Claude Trichet, and opposed Draghi's monetary easing and bond buying efforts to reduce excessive yields of Italy and Spain....

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An enormous achievement of president Joe Biden and of the Federal Reserve's Powell goes unrecognized with the highest growth of any the economically developed nations by far in the US, as groups stuck in old frayed concepts of economic orthodoxy and wanting to keep as FDR said "their place in the economic order," work to denigrate this achievement. They have sold trickle down economics, broken some common sense rules about failures in indiscriminate use of tariffs from the 1930's, which will put at risk this remarkable growth in the US economy. And does the current economic leadership respect Rural White people, Republicans in Republican States Absolutely. It is sending the largest part of the IRA Act funds to these states. It is also standing up for workers and families even on the picket lines for higher wages, a better future for America. True it is that in 4 years the effects of problems that were unanticipated from the pandemic relief and the supply chain crisis with ensuing inflation and price gouging in groceries and essential items, have affected the most depressed groups in America including blacks and Latinos and rural White Americans. These also are largely in the process of being overcome.      ...

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  A look at European history shows even in the religious wars between Catholics and Protestants France took the Protestant side when it was in its national interest. Other European nations also did the same in the Thirty Years War 1618-1648. China shifted out of the Soviet Bloc in the 1970's. There is no monolithic way in foreign policy. US sees it in its interest to get a European population Russian on its side or separate from China in meeting the challenge from China. After 3 years of war in which the US relations with Russia deteriorated because of the Ukraine war and US supplying Ukraine under the Biden administration, DJT reverses US policy to improve relations with Russia. The goal is to improve US-Russia relations. Because this also involves ending the Ukraine war that is destroying a whole generation of young men in Russia and Ukraine, US is exploring ways to end that war through early discussions to get a sense of Russian perceptions.This is why the US does not need the Europeans or the Ukrainians at the table. Ways in which US will restore relations-Restore staffing levels at embassies and consulates. Find ways to cooperate on economy and foreign policy issues.   ...

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RFK Jr. nomination heads to the full Senate for confirmation as Health Secretary to bring new ideas and solutions to tackle obesity and disease in the US. He called the US health condition dismal as it is, not just for what is spent. RFK Jr called the US a sinking ship when it comes to the health of its people as he answered questions from Senators at Senate hearings. Ron Johnson, Senator from Wisconsin, said RFK Jr. was an answer to his prayers for someone who could help tackle this crisis. RFK Jr. said he was pro-vaccine and his opposition was only to some aspects of vaccines in certain situations. He also said that his father Robert Kennedy who died in 1968 when RFK Jr. was only 14 years old had told him when he was just 13 that it was important to have a fierce skepticism.  The magnitude of the crisis is so large and the budget is so large that only someone with the experience and one who has fought hard won battles against coal and for the environment for decades, and with the tenacity of RFK, is capable of taking the action needed today. Many senators applauded Make America Healthy Again, even as others asked RFK Jr. to support all vaccines at a time of public skepticism of the government. ...

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Maps of the region of Kashmir in the Himalayas shown here show how close Pakistan cities of Lahore and Islamabad are to Jammu and Kashmir and how close the Punjab is to Kashmir. It gives recent history of Kashmir since colonial rule of British ended in 1948, and no mention of the history of Kashmir from 100 BC to the 15th century when for 1500 years Vedic and Buddhist cultures, Shiva culture prevailed in the region. For only 200 years between 1500 and 1700 were Muslim invasions prevalent in the region after 1750 the British gradually took control of the region when Kashmir was a British protectorate under British law and non-religious rule.  Much of the present situation is a result of the abrupt end to British rule after World War II by 1948-1950 with Communist China, a new state of Punjab and Sind called Pakistan, and most of South Asia as India emerging from the conflicts and contesting control. India now leads an effort since 2016 for modernization of the region, to provide the education and healthcare levels of modern states of Europe and America to Himalayan region that is missing because of a lack of the technological resources, and resources India is now able to use to build infrastructure and invest.  ...

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Warnings about the decline in reading comprehension in the US shown by 30 years of NAEP testing, all the way down the graphs show.  About 70 percent of American children in 4th grade cannot reach Reading Proficient level of the National Association of Education Performance Tests for 2024. The problem is the lack of rich content based education as standard in all American schools says E.D. Hirsch. It is also about getting children excited about reading, and giving them opportunities to use their imagination. This promotes lifelong learning the key to better reading. This way children seek out new books from libraries, from friends, mentors, from the internet and from online stores. Once this happens it takes place on its own. Interaction with adults adds another dimension to the reading. Lyrarc's Movement for Global Literacy is about rebuilding reading comprehension in the US. This is behind every aspect of educational activity, reading is fundamental to all educational activity.  It is also fundamental to nation building, never more important than today with the fragmentation in cultures and ethnic fragmentation being allowed to happen as core fundamentals were ignored, and hard earned experience neglected by adopting newfangled theory since the 1950's that has failed us. ...

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Aeroflot is listed on the London stock exchange. It is going through a makeover by ordering Boeing and Airbus planes to become profitable, because the older Russian made Tu-154 planes were costly to operate with higher fuel consumption. The Sukhoi Superjets are being built in partnership with Boeing. Kramer says the aircraft industry operates on long timelines so that the lack of local aircraft comparable to Embraer of Brazil and Bombardier of Canada is more a reflection of the situation in the 1990's than of today. Newer aircraft are planned for the next decade for smaller midrange planes. In the meantime Aeroflot is selling all of its Tupolev aircraft and plans to layoff 6000 workers during the transition to profitability. Till 2009 Aeroflot was run by Yeltsin's son-in-law, as were many other companies managed by Yeltsin's inner circle during that period. Following changes made by Putin in 2009, a new CEO was appointed to better manage the transition of the airline into a national and global carrier....

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Texas law written into the constitution of the state when it was founded in 1845 banned home equity loans. This was a result of a bank panic and foreclosures of that period when many homesteaders lost their land. The change banned lenders from selling mortgages to homesteaders. Till 1998 Texans could not take out home equity loans. New laws restricted the total debt on a home to 80% of its appraised value. This loan to appraised value limit plus the restriction that home equity loans could not be used to pay other debt kept homeowners in Texas from facing a high rate of foreclosures. Fed studies show that in 2005 U.S. homeowners took out $500 billon from their home's appraised value through home equity loans and cash out refinancing. Of this $263 billion went into consumer spending and paying off debts. This Fed study co-authored by Greenspan shows that 80% of the three fold increase in American mortgage debt between 1990 and 2006 came from home equity taken out on rising home values.

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A shakeout for manufacturers in the solar industry is developing in 2011-2012, as prices of solar components drop sharply. There is slowing growth for solar products in 2012. Seven solar power manufacturers have filed for bankruptcy or insolvency in 2011, including two German companies Solar Millenium and Solon SE, and Solyndra LLC of the U.S. Debt exceeds market capitalization for the 10 largest publicly traded solar companies. A major reason is the subsidies offered by governments in Europe, the U.S. and China, which resulted in a glut in manufacturing capacity and falling prices. Chinese banks encouraged by the Chinese government have given $43 billion in credit facilities to Chinese renewable energy companies, according to Bloomberg Energy Finance. Prices of solar panels at $1.60 per megawatt in 2010, dropped to 90 cents per megawatt in 2011. Another problem is slowing demand. In Europe banks are reducing funding. Installations doubled for solar energy in Germany in 2010, and dropped 29% in 2011, according to Jefferies. Germany is the largest market for solar energy in the world....

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The resignation of Jerry Yang, co-founder of Yahoo, from his positions at the company on Jan. 17, 2012. Yahoo hired a new CEO, Scott Thompson, from eBay's Pay Pal unit n 2011. Yang started Yahoo with David Filo. They setup "David & Jerry's Guide to the World Wide Web," a list of favorite websites, as computer science students at Stanford in 1995. What followed was a trajectory similiar to the one observed today for Facebook- by 1999 the company was valued at $120 billion in the dot com bubble. A decade later Google, a newcomer with a search algorithm, replaced Yahoo as the most widely used search engine. Yahoo and its peer site AOL from the 1990's never recovered from the technological change in the internet with broadband and a new generation of search engines. Yang holds a 3.8% stake in Yahoo. Yahoo has a 40% stake in Ali Baba, which was formed when Yahoo turned over its Chinese operations to Ali Baba in exchange for a large stake in operations. Yahoo is planning to sell its stake in Ali Baba....

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The artificial nature of the target of debt to GDP of 120% for Greece in 2020. This is the target being followed in negotiations by the troika of the ECB, IMF and the EU. Experts say the sustainable level would be much lower for Greece -this would be much lower because of the aging population in Greece and lower level of workers to support retirees in future years, the inefficient tax collection system and poor prospects for changing it, the degree of control over monetary policy and the rate of change of debt. A recent study by the Bank for International Settlements shows debt sustainability at 85% after studying 18 countries from 1980 to 2010. No precise source has been found for the 120% target. An IMF Report in 2011 said the 120% was the "maximum level considered sustainable." Alan Auerbach at UC Berkeley and Michael Woodford at Columbia University, say the additional factors are relevant to Greece. The many unpredictables over the course of ten years is another serious difficulty.

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The problem of information providers is linked to the problem of the recipient of the information- the common man in America. For the common man in America these are distant places with strange cultures and manners of living, remote from his everyday existence in an industrialized country. Why should the common man in America care if a small fraction of GNP and a trained military with advanced equipment will be sufficient to deal with situations in remote places. A fast growing economy between 1950- 2000 could also absorb the costs of local conflicts. The reason the common man in America should care is that the economy is expected to grow slowly, so that poor information leading to poor decisions on allocating limited and declining resources for different local conflicts- a war in Iraq costing 1 trillion dollars, and a war in Afghanistan 1 trillion dollars- can compromise future economic security, investment in America and overall defense needs. Especially when money wasted with poor decisions cannot be retrieved or put back in the Treasury, and creates future problems....

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JP Morgan Chase Treasurer, Joseph Bonocore, left the bank in October 2011, and his replacement took office in March 2012. Bonocore had served as chief risk officer of the Chief Investment Office for 11 years and was intimately familiar with its operations. The executive in charge of risk management at the Chief Investment Office had little risk management experience. Mr. Goldman was named chief risk officer in February 2012. His brother in law Barry Zubrow had previously served as chief risk officer of the bank for many years. In January 2012, Zubrow took the position of head of corporate regulatory affairs. Goldman had spent most of his years as a trader starting at Salomon Brothers in 1980's He later worked at Credit Suisse and Cantor Fitzgerald. He left Cantor after his unit incurred trading losses. In February 2012, Goldman, Zubrow and Ms Drew met with officers of the Federal Reserve arguing in favor of less regulation on proprietary trading, including the Volcker Rule, according to Fed documents....